Japan Drilling Company’s jack-up drilling rig “HAKURYU-11” has a drilling operation offshore Vietnam.
JDC said Tuesday that the rig had started the drilling operation offshore Vung Tau, Vietnam, based on the subcontract with PetroVietnam Drilling & Well Services Corporation.
To remind, JDC said earlier this year the Hakuryu-11 rig would be drilling subcontracted to PetroVietnam Drilling & Well Services Corporation who had secured the drilling contract from an unnamed operator.
Based on the March 2019 info, this is a five-well drilling contract which will take 300 days to complete. The contract was expected to start in October. The operator will have an option to extend for one more well, which should take another 60 days.
Bassoe Offshore has estimated the day rate for the contract to be around $70,000.
The Hakuryu-11 rig is of the KFELS Super B Class and is a 3-leg self-elevating cantilever type drilling rig. It has a maximum operating water depth of 425 feet and a maximum drilling depth of 35,000 feet. The Hakuryu-11 was constructed by Keppel FELS Limited, Singapore, in May 2013. According to Bassoe Analytics, there are currently nine jack-up rigs active in Vietnam.
Worth noting, Bassoe Offshore has earlier this month issued its monthly jack-up rig report noting according to which things are looking up for the jack-up market.
“Higher dayrates and longer-term contracts roll in for another good month in the jack-up market. Mexico, the North Sea, West Africa, SE Asia, and the Middle East have all experienced reduced availability of rigs in increasingly active tendering environments. Dayrates are rising for premium rigs and are now firmly in the $80,000-100,000 range for 2020 work, with some going much higher like the contract for Noble Regina Allen at $120,000 in Trinidad,” Bassoe said.
According to the Bassoe Analytics tool, the global jack-up rig utilization is now at 77 percent, with 338 jack-up rigs drilling, 90 warm stacked, and 63 cold stacked. There are also 53 jack-up rigs listed as under construction.
Offshore Energy Today Staff
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